LUXEMBOURG / RankWire.AI / – Eurostat, the European Union’s statistical office, reported that the bloc experienced a €21.8 billion goods trade shortfall in the second quarter of 2026, marking its first quarterly deficit since 2023. Imports from outside the EU reached €701.8 billion, while exports amounted to €680.0 billion. This shift reverses the trend from the first quarter, where exports surpassed imports by €6.7 billion. The change mainly resulted from imports growing at a much faster rate than exports between April and June.
During this period, EU imports increased by 9.9% from the previous quarter, rising €63.4 billion. Exports grew 5.4%, adding €34.9 billion over the same timeframe. Both import and export figures had declined from the second quarter of 2025, but that downward trend had ended by early 2026. The latest data indicates that despite stronger export growth, it was insufficient to offset the rise in goods entering the EU during the quarter.
The largest contributor to the trade deficit was energy. The EU’s energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods accounted for a €9.1 billion deficit, whereas the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports expand trade imbalance
Various other product categories continued to generate notable surpluses for the EU in the second quarter. The chemicals sector produced a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages also posted an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus in other goods decreased to €9.1 billion from €11.6 billion, reflecting a broader decline in the overall trade balance.
End-of-quarter monthly figures showed some signs of improvement, though the three-month overall remained in deficit. In June, the EU recorded a €3.9 billion goods surplus after experiencing a deficit in May. June exports reached €241.5 billion, with imports totaling €237.7 billion on a non-seasonally adjusted basis. From January through June, the EU’s trade balance showed a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period last year.
Trade with the US and China remains influential
Trade with key partners continued to play a vital role in the EU’s goods trade figures for June. Exports to the United States hit €45.7 billion, while imports from there totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China shifted to a deficit, with €18.8 billion in exports and €53.9 billion in imports producing a €35.1 billion shortfall.
During the first half of 2026, intra-EU trade reached €2.20 trillion, marking an increase of 5.7% compared to the same period in the previous year. Eurostat indicated that member states supplied the detailed trade data used to compile these figures. The agency also adjusts the data for calendar and seasonal effects to produce comparable European aggregates. The second-quarter results reflect the EU’s first quarterly goods trade deficit since the April to June period of 2023.